HOUSTON – (Realty News Report) – Houston just recorded its strongest month on record for home sales.
How significant was the surge?
Significant enough that Freddy Rodriguez, broker/owner of Re/Max Top Realty in Houston, has launched an ambitious hiring campaign.
Rodriguez aims to recruit 100 Houston-area real estate agents by December 31, 2020.
“I’m thrilled to announce we’re attracting and hiring the right people for the right reasons,” Rodriguez said. “We are looking for qualified agents who have the desire, hunger and mindset to become the best they can possibly be, with the support of our laser-focused leadership team.”
Adding 100 agents during the coronavirus pandemic is an aggressive growth plan. Currently, the firm has 77 agents, a company publicist said on Monday.
That target represents roughly a 130 percent increase in six months — a bold goal for any brokerage.
Re/Max Top Realty operates two Houston offices: 2011 Leeland St. in East Downtown and 2911 S. Sam Houston Pkwy E., near the intersection of 288 and Beltway 8 just north of Pearland.
Optimism is widespread among Houston realtors this summer.
The Houston Association of Realtors reported 9,328 single-family homes sold in June, a 15.7 percent increase from the 8,063 homes sold in June 2019.
Last month was the biggest month ever for home sales in Houston — the Houston Association of Realtors has compiled sales records for decades. With about 40,000 members, it is one of the largest Realtor associations in the United States.
Another driver of buyer optimism has been low mortgage rates.
The average 30-year mortgage rate dropped to 2.98 percent last week, the lowest weekly average since Freddie Mac began tracking the survey in 1971. A year earlier, the average 30-year rate was 3.81 percent.
The average 15-year mortgage rate was 2.48 percent last week, down from 3.23 percent a year ago.
Still, the residential market faces headwinds from the pandemic-driven economic uncertainty and job losses.
“Mortgage rates fell below 3 percent for the first time in 50 years. The drop has led to increased homebuyer demand and these low rates have been capitalized into asset prices in support of the financial markets,” said Sam Khater, Freddie Mac’s chief economist. “However, the countervailing force for the economy has been the rise in new virus cases, which has caused the economic recovery to stagnate, and this economic pause puts many temporary layoffs at risk of becoming permanent job losses.”
Houston also contends with job reductions in the energy sector, where low oil prices and a sharp cutback in drilling activity have prompted widespread furloughs and layoffs.
July 21, 2020 Realty News Report. Copyright 2020
Photo credit: Ralph Bivins, Realty News Report. Copyright 2020
File: Realtor Hiring 100 Agents. File 2: Re/Max Top Realty Realtor Hiring 100 Agents in Houston